Toyota Reports First Annual Sales Increase in Two Years on Hybrid, EV Demand
Toyota Motor Corp has reported a significant turnaround, posting its first annual sales increase in two years. The company sold a combined 10.3 million vehicles across its Toyota and Lexus brands in 2023, marking a 7.7% rise from the previous year. This growth is attributed to strong demand for hybrid and electric vehicles, as Toyota ramps up its electrification efforts.
Toyota's focus on hybrid technology has paid off, with sales of electric vehicles, hybrids, and fuel cell vehicles surging by 35% year-over-year to nearly 3.7 million units. This strategy has helped Toyota meet increasingly stringent emissions standards while it works on expanding its electric vehicle lineup.
The Lexus brand also contributed significantly to Toyota's success, selling a record 824,258 vehicles in 2023. This figure represents a staggering 132% increase from the previous year, driven largely by robust demand in North America and Japan. Toyota's overall sales reached 11.2 million vehicles worldwide, a 7.2% year-over-year increase, with gains recorded in each of the last 11 months.
Toyota's reliance on hybrid technology has proven successful, with sales of these cars and its electric counterparts surging. The company's first annual sales increase in two years, coupled with record-breaking Lexus sales, signals a positive outlook for Toyota's electrification strategy. Despite the absence of fourth-quarter sales data, Toyota's strong performance throughout 2023 indicates a solid foundation for future growth.
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